Slide 1: MaxSAF: A New Flight Plan - Amended DOE Loan
MAXSAF®: A New Flight Plan Amended DOE Loan September 1, 2026
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the “Company,” “Calumet,” "we," "our" or like terms) as of September 1, 2026. The information in this Presentation includes certain “forward-looking statements.” These statements can be identified
Slide 3: MaxSAF: Cleared for Takeoff
MAXSAF®: CLEARED FOR TAKEOFF Optimized MaxSAF® expansion generates ~70% of the originally expected benefit for ~15% of the Phase 2 capital by replacing 17k BPD: 40% increase in renewable megaproject with a series of discrete, highly engineered modules product sales by 2028 ■ Compelling economics anc
Slide 4: Amended Loan Guarantee—Highlights
AMENDED LOAN GUARANTEE—HIGHLIGHTS KEY CHANGES TO ORIGINAL AGREEMENT (Jan. 2025) AMENDED AGREEMENT (Aug. 2026) PHASE 2 BUILDOUT Capex for Phase 2 buildout $1.2B $137MM Up to $658MM of additional DOE debt drawn over 2026–29; Single, final draw of $34MM; rest of capex self-funded; total Phase 2 funding
Slide 5: Six Small, Controllable Projects
SIX SMALL, CONTROLLABLE PROJECTS Each quick-payback step is designed to increase IRR, expedite expansion and minimize construction risk Step Description Primary Driver Run-Rate Levels Now YE 2026 YE 2027 YE 2028 Constraint removal at Spring 2026 Throughput (kBPD) 12-13 12-13 13 16-17 -- Higher SAF r
Slide 6: Great Falls Refinery Site Reconfiguration: Continuing the Historic Journey
GREAT FALLS REFINERY SITE RECONFIGURATION: CONTINUING THE HISTORIC JOURNEY ■ Under Calumet’s ownership the Great Falls site has modernized over 10+ years — this reconfiguration is next evolution ■ Redeployment of proven, installed refining equipment is the key to delivering MaxSAF® for a fraction of
Slide 7: MaxSAF from Every Angle
MAXSAF® FROM EVERY ANGLE Diversified value drivers Capital efficiency De-risked execution Program meaningfully expands throughput and builds ~200MM gallon SAF outcome for $137mm capex Small, quick payback steps using proven, installed on existing MRL advantages around feedstock versus the original L
Slide 8: Calumet
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